Do you want to hold your property plans due to the Coronavirus?

While buying a new home is an emotional decision, it can also be very time taking. With the current coronavirus health pandemic added to the mix, it may have caused you to rethink your property plans.

For those who have been looking to make their move into the property market we encourage you not to lose hope. One thing we are certain of – the coronavirus pandemic will eventually pass and we are here to help you stay on track with your property goals.

What can I do while I take a break from looking at homes?

If you have paused your home buying plans, there may be a few other things to focus on in the interim to help you when you are ready.

Use this time whilst on pause wisely. Focusing on ways you can continue to save is an important one. Here are a few tips to get you started:

 

Manage your budget – Take the time to review your daily expenses now that you are spending more time at home, look at what might change in your spending patterns

Work from home – It is time to sit at home and maintain social distancing. Or use social media or mobile to meet and greet your friends instead of 1:1. Some companies are offering a work from home without payment freeze while others are offering online classes. If you are looking to find other options to be at home, there are countless videos on YouTube, amazon, Netflix and various video apps.

How about getting a pre-approval?

Getting a home loan pre-approval now could be a smart idea if you wish to have a sanction letter and confirmation of how much you can borrow. It could also put you in a good position to buy when you’re ready. There is a time limit to take into consideration, pre-approvals generally last for 90 – 180 days.

Can I still go out and find a home right now?

Yes, you can find your dream home but you should go out to see the house. In an attempt to prevent the spread of Covid-19 site visits and house visits are currently not permitted, however there are still ways of viewing a property.  It’s worth checking with the listing agent if they are able to facilitate a private inspection of the property, being mindful of the health advice from the Government.

 

As the property market shifts to virtual, it’s worth finding out from the listing agent if you could request an online inspection via video chat technology like Skype, WhatsApp, Zoom, Facetime or Google Hangout.

 

It’s important to note that changes to your personal circumstances might affect your ability to proceed with a full home loan application. Each lender will have a different approach to assessing your loan application.

The right advice is essential, be sure to work with your local Loan expert @ HomeLoanDSA.com to understand what options will be available based on your situation.

What will happen to property prices?

No one has a clear idea to say what effect the coronavirus will have on the property market right now. The data will come through slowly as the event unfolds.

That being said, the Government and the RBI are working hard to implement measures to support households and businesses and address the significant economic consequences of the Coronavirus.

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